How to File Taxes in Canada for Free - Increase Your Refund with Wealthsimple Tax
Вставка
- Опубліковано 25 чер 2024
- How to file your own Canadian tax return for free! This tutorial from a CPA shows you step-by-step guide prepare your personal tax return quickly and for free!
Paul also explains how to record your self-employment income and expenses on your return.
******************************
✅ Get weekly tax and business tips: www.avalonaccounting.ca/weekl...
******************************
🎥 CONTENTS OF THIS VIDEO
00:00 - Intro
00:46 - Create a Wealthsimple Account
01:05 - Choose Your Tax Year
01:26 - Answer a Few Questions
01:49 - Enter Your Personal Information
02:21 - Use CRA My Account to Import Information
04:21 - Questionnaire on Income and Deductions
05:55 - Wealthsimple Suggests Tax Credits and Deductions
07:26 - Add a Few More Personal Details
08:41 - Add Information About Your Family (if applicable)
09:16 - Miscellaneous Information
10:47 - CRA My Account
11:22 - Auto-fill My Return and Crypto Transaction Import
11:54 - Manage Your Tax Forms
12:33 - Spouse or Common Law Partner
14:47 - Employment Income - Enter T4 Information
15:11 - Investment Income - Enter T5 Information
15:23 - Donations and Gifts
16:09 - Medical Expenses
17:59 - RRSP Contributions and Deduction
20:22 - Review and Optimize Your Return
22:34 - Review Your Summary
23:26 - Submit Your Tax Return
23:54 - Self-employment Section Starts Here!
24:18 - Self-employment Bookkeeping (Free Template)
26:11 - Record Revenue and Expenses
27:43 - Record Asset Purchases
28:05 - Record Your Home Office Expenses
29:35 - Enter Self-Employment Info Into Wealthsimple Tax
32:21 - Capital Cost Allowance
34:38 - Business Use of Home Expenses
25:16 - Confirm Your Numbers
36:04 - Optimize and File Your Return!
******************************
🔗 MENTIONED IN THIS VIDEO
► Setting up CRA My Account
www.avalonaccounting.ca/blog/...
► Understanding Medical Expense Claims
www.avalonaccounting.ca/blog/...
► RRSPs Explained - Video
• RRSPs Explained - What...
► Do I Have to Charge GST/HST?
www.avalonaccounting.ca/blog/...
► Expenses you can deduct in your business
www.avalonaccounting.ca/blog/...
► Free Bookkeeping Template - Google Sheets and Excel
• Free Bookkeeping Templ...
******************************
🅰️ AVALON ACCOUNTING
Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada.
We provide online bookkeeping, accounting services and expert financial advice for small businesses.
******************************
📩 CONNECT
► Website: www.avalonaccounting.ca/
******************************
🧑🏫 ONLINE COURSES
► Take your business to the next level with our online courses.
www.avalonaccounting.ca/courses
✅ ESSENTIAL FINANCIAL CONCEPTS FOR SMALL BUSINESSES (🆓FREE COURSE)
► Keys to building a business that provides owners with time, money and purpose.
www.avalonaccounting.ca/cours...
🖥️ LEARN MODERN BOOKKEEPING
► Learn to do your own bookkeeping with modern tools and our proven practices.
www.avalonaccounting.ca/cours...
📈 BOOKKEEPING AND TAX FOR FREELANCERS
► This course teaches sole proprietors how to simplify bookkeeping and taxes.
www.avalonaccounting.ca/cours...
******************************
💳 FLOAT VISA - $500 CASH BACK
Float Financial provides a company credit card built for modern businesses.
Check out our review for details
► www.avalonaccounting.ca/blog/...
Use our referral link to receive $500 cash back
► tinyurl.com/floatvisa
We may receive compensation when our link is used to sign up for a Float Visa.
******************************
💼 20% OFF INCORPORATION WITH OWNR
If you are looking to incorporate (in Canada) and want to save some cash, check out Ownr with our affiliate link for 20% off incorporation costs:
► www.ownr.co/partners/avalon-a...
We may receive compensation when our link is used to sign up with OWNR
******************************
🧑🏻🏫 FREE BUSINESS GUIDES:
► Starting Your Business Guide:
joecollins.typeform.com/to/bc...
► Business Owner’s Productivity Guide:
joecollins.typeform.com/to/zJ...
► Financial Foundations Guide:
joecollins.typeform.com/to/jF...
► $1 Million Dollar Service Based Business Guide: joecollins.typeform.com/to/e2...
► Manage Your Own Bookkeeping Course:
avalonacounting.thinkific.com... - Навчання та стиль
Highly valuable content as always
Excellent video! Thank u
Hey Sue! Glad you liked it!
Thanks for the video. It was informative and easy to follow.
Awesome - thanks for your feedback, Michael. Glad the video was helpful!
Lots of great information on how to filing taxes :)
Glad you think so!
Best, easiest tax program I have ever found. I like the way it is set up so it automatically makes suggestions on areas you can claim according to your input. Thank you Wealthsimple.
the 20 is suggested and you can delete it, just try
@@Eijimiji thank you.
Where/ do you claim for income property? I have a basement tenant too? Thank you!
Hi is there no tuition section carrying forward etc
Very useful video , Thank you.
Question. I know it's different for Wealthsimple starting for the 2022 tax year, but if you had to travel for medical services (over 80km one way due to living in a rural area) how would someone account for that? Would you just add another expense and under "medical expense description" call it Travel for Medical Services, do the calculations as provided for such travel on the CRA website whether a simplified method or detailed and simply just put how much the expense is? I've been trying to figure this out for someone and I don't want to steer them wrong
Is it possible to file taxes in this program without access to a CRA account? When I fill in all the information, it turns out that I have automatically filed taxes, did I understand correctly? Thank you
I have a 1 year old baby should I file tax return for him in canada?
Is this still r applicable in 2024?
Love this channel but you lost me at WealthSimple @0:11
They say it is free but a friend just got to the end and couldn't submit his return until he "donated" $20. Just be up front. Sleezy AF.
Thanks for great video .. i have T 4 and T 5 form . can I claim tax property ? Tank You !!!!!!!!!!!